Wednesday, 03 August 2022 04:15

Naira moves further up at parallel market

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The naira, on Tuesday, sustained its momentum at the parallel market, appreciating to N665 per dollar a few days after security operatives raided Bureaux De Change (BDC) hub in Abuja.

The development represents N30 or 4.3 percent gain compared to the N695 to a dollar on Monday.

Currency traders known as Bureaux De Change operators (BDCs) at the Ikeja area of Lagos, who spoke to our correspondent, quoted the buying rate of the greenback at N650 and the selling price at N665 per dollar.

According to the traders, the gains are largely influenced by increased dollar liquidity in the market.

“Dollar is plenty in the market now. Some oil companies also brought out dollars to sell,” a BDC operator said.

On the official market side, the naira appreciated by 0.03 percent to close at N428.88 to a dollar on Monday, according to data on FMDQ OTC Securities Exchange, a platform that oversees official foreign-exchange trading in Nigeria.

 

The Cable


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